< Band width must be minimum 70% (measured top to bottom) for trade to occur
< Set SELL price at upper band (adjusted daily)
< Once triggered place BUY order at the 0.382 fib retracement (taken from breach of upper band to basis)
ABCD correction of doom.
I will be looking to enter a SHORT position at the upper trend-line channel resistance between FEB-APRIL 2020.
Why FEB-APRIL 2020?
The duration to get from A-C gives us the answer....
If: A to C = 0.618 (2,191 days)
then: B to D = 1.272 (4,509 days)
The above calculation gives us D's position on approx. - 9 March 2020
IF we breakout to the bottom of the triangle (daily close under the red line) we will be headed for the 200DMA.
The 200DMA is currently just over 7,800 USD. This will provide huge support & a great location for entering a LONG position.
RSI will find support on the lower orange line. Looking for breakout of upper orange line for confirmation of LONG...
200 dma + multiple levels of support will be enough the hold the price from falling further.
A H&S pattern will form, Short positions will build, pre-empting the H&S confirmation. It won't play out causing a short squeeze & propelling BTC to 17K.